This evening, while my husband and I were watching the movie “Seven,” I mentioned that I wanted to come up with one or two topics that I might write about tonight. That clever man pointed to the TV and said, “There you go.”

Aha! The “Seven Deadly Sins of Business!”

Okay, maybe “sins” is a bit strong, but there are certainly seven potentially disastrous attitudes correlating to those sins that I hope our brainstorming can help you to avoid. (For the record, the Mr. has owned a construction contracting corporation for many years, so I value his input.)  Admittedly, some of these traits can be good as well as bad when it comes to business. But an over-abundance of any of them can lead to problems that might be difficult to resolve.

Pride. You’re proud of your business – and you should be. You’ve worked hard to get it up and running, and you’re doing well. But beware of too much pride. It won’t serve you well to be over-confident. It’s better to temper your pride with a little humility, or you might find yourself becoming complacent and not giving 100 percent to the business.

Envy. Though it’s a natural reaction, try not to envy a competitor’s business. You might see another entrepreneur as having attained a level of success that you’d like to emulate, but don’t be envious. It will take away your spirit of fair play and make you resent someone who could possibly be an ally down the road.

Gluttony. This one’s tough. As a business owner, you’re supposed to want to make as much money as possible. Who wouldn’t? But be careful of how you want it. Be sure that you don’t make your profit at the expense of someone else. It’s a matter of ethics, really – play nicely, and leave some for the other kids.

Lust.  Hmmm? Kind of like envy, but with a kick. There’s that other company that you really, really, really want your company to be. If that’s the case, study the other company, figure out how it got to be where it is. Use it as a model, and then build your business to meet those criteria. Who knows, maybe you’ll even surpass your ideal.

Anger. You won’t avoid this one, that’s for sure. As a business owner, there will be so many things that will make you angry – whether it’s a late delivery, unpaid invoices, high taxes – take your pick, you’ll find plenty of things to be mad about. The thing to remember, though, is not to let your anger get the better of you. Try really hard to direct your anger at its source, and not let it spill over into the rest of your business. Don’t let that late delivery give you license to yell at your employees – it isn’t their fault, and it won’t benefit anyone.

Greed. As with gluttony, you want to make a profit, and a big one. But again, proceed wisely. Don’t get so caught up in the profits that you forget to watch the rest of the business. If the only thing you’re watching is the bottom line, you might overlook other aspects of your company. Keep employee relations high on your list of priorities.

Sloth. You’ve seen movies about the down on his luck PI, the guy with the stained tie and messy office. Know why he’s down on his luck? It’s because of the stained tie and messy office. No one wants to do business with a “professional” who can’t maintain a neat appearance. If you work from a home office, where things can tend to get a bit unruly (trust me, I know), schedule meetings at clients’ offices, or perhaps at a coffee shop. Dress professionally – there’s no need to be high-end, and looking good doesn’t have to break the bank.

I hope you’ll take the advice of someone who works in a two-business home office. Between my husband’s business and mine, there are many files, faxes, mail (don’t you just love a paperless environment?). It’s incredibly important to maintain order. We’ve struck a balance, and it works beautifully. We’re not often in the office at the same time, but when we are, it doesn’t hurt to look nice.

One of the nice things about starting your own business is the number of options that exist. You don’t necessarily have to rent an office, or even commute to work.  If you want to be an entrepreneur, there are many businesses that can be run right from your home. Even if you don’t have a particular business in mind but do know that you simply want – or need – to work from home, ideas abound.

You might have a hobby or talent that can become the basis for a home business. Or perhaps you’ve got skills from a previous career that can turn a profit for you now.

What Type of Business Should I Start?

Here’s a QuickTip:  Make a list of all of your past jobs. Go all the way back to the part-time housecleaning job you had in high school. Then list the skills that each job required. You might be surprised to see just how varied your skill set is. Now list your hobbies and interests. If you notice a theme – maybe you worked in a bakery during college, and later your coworkers raved about the cookies you brought to the office every week – that might be a good idea for your business.

To help you along, consider these categories of jobs that are especially well-suited to home businesses. Maybe one will spark an idea for you.

Service Businesses

Businesses that offer a service are great for those who want to work from home. You don’t need to keep any inventory and generally don’t have to deliver products. In many cases, you won’t need more than the internet to keep your business going.

Some service businesses to consider include:

• Accountant
• Bookkeeper
• Consultant
• Editor 
• Journalist
• Graphic designer
• Transcriptionist
• Virtual assistant
• Photographer
• Videographer

Offering a Product

Many talented entrepreneurs offer products from home. This type of business is appealing to people with specific talents that have brought them attention. Crafts and cooking come to mind immediately, but there are many other as well.  Just a few ideas might be:

• Stock Photos and wallpapers
• Custom Floral arrangements
• Baked Goods
• Personal chef and local food delivery
• Woodworker
• Sculptor

Skilled Trades

A growing number of people start home-based businesses with a very specific skill. These are generally skills learned on earlier jobs, and may require licensing and continuing education. But experience in a skilled trade can be a great business foundation.

• Electrician
• Plumber
• Carpenter
• Painter
• Builder
• Tile installer
• Roofer

Use Your Imagination

In addition to traditional jobs, starting a home-based business gives you plenty of room to be creative. It’s a perfect area to think outside the box and develop a business that lets you do what you really want to.

• Personal shopper
• Children’s party entertainer
• Psychic
• Pet sitter
• Disc jockey

Home-based Business Success Stories

As you think about which home-based business is right for you, keep this final list in mind for inspiration. These are just a few businesses that were started in someone’s home:

• Baby Einstein
• Mrs. Field’s Cookies
• Amway
• Ben & Jerry’s Ice Cream
• Nike
• Estee Lauder Cosmetics
• Russell Stover Candies
• Cape Cod Potato Chips

When to Hire a Small Business Lawyer
For most small business owners, “Budget” is the first key factor in deciding whether to hire a small business lawyer. Obviously, we’d all prefer to hire the toughest law firm, equipped to handle any kind of case or transaction, staffed with a team of attorneys that will respond to our needs immediately.

For most small businesses, however, we just can’t afford this “full-time legal dream-team.” So, we compromise: we hire a lawyer who is experienced in business matters, local to our business, with affordable legal rates. Hopefully, we can find a lawyer we actually like.

What’s my comfort level with legal matters?
Another important factor is: “what’s your comfort-level with contracts and legal matters?” Certain tasks are quick and simple (e.g. drafting a letter of resignation or an independent contractor agreement) whereas other may be very difficult for the layperson (e.g. responding to legal pleadings, drafting a patent application).

Why do I need to hire a small business lawyer?
The key is to at least have a relationship with a business lawyer BEFORE you get sued. An attorney experienced in small business matters should be able to assist you with things like selecting a business structure (i.e. incorporating or forming an LLC), executing a lease for office space, hiring and firing employees, registering your trademark, and more.

My experience has proven that a little pre-emptive legal work can save me thousands of dollars and potential legal headaches in the future. For example, one of the very first things I did when starting my business was to incorporate my business and file for trademark protection.

How much should I expect to pay a small business lawyer?Some entry-level solo practitioners will make themselves available to you (“on-call”) for a small retainer (deposit), usually about $1,000. Their hourly rates may range from $125/hour and up.

A larger law firm, on the other hand, will require a more substantial retainer ($5,000 and up depending on your relationship, size of business, and other factors) and may charge between $300/hour to $700/hour and up.

When meeting with your lawyer, whether in-person or over the telephone, be sure to have all of the required documents and talking points ready to go. Most attorneys charge in 6-minute increments. An attorney’s most valuable asset is his/her time…so don’t waste it!

Should I hire an attorney from a big firm or small firm?
This decision depends on your specific budget and the complexity of your business. For most small business owners, a small firm or individual practitioner is the best solution.

A large law firm will be more expensive. However, all the legal skills necessary to help your business may be “under one roof.” In addition, and this is from my personal experience, a “cease and desist” letter from a “powerhouse” law firm often carries a much greater impact and generates a much quicker response than a letter from an unknown practitioner.

What sort of qualifications or expertise should a small business lawyer possess?
Simply stated, an attorney, licensed in my jurisdiction, with broad experience in real-life business matters, is the ideal candidate. Equally important is a good reputation in the business and legal community.

Areas of law where I’d want my attorney to be experienced:

General and Commercial Contract Law
Organizing and Forming Businesses
Commercial Leasing
Intellectual Property
Some Small Business Tax and Licensing Experience

If I decide to hire a lawyer, what should I expect out of the relationship?
Expect definite, clear answers and legal opinions to your questions or issues. Expect a clear, explanation of the reasons why a certain course of action may be best for you. Expect to be fully informed and thus, hopefully, make informed business decisions based on your attorney’s advice.

Also, expect to be billed for every meeting, every phone call, and every email correspondence. An attorney’s greatest asset is his/her time…and that’s the nature of the relationship.

Is this person really a frustrated business person disguised as a lawyer?A: Maybe! The key is to be able to differentiate “business” advice from “legal” advice. Be wary of an attorney who tries to second-guess your business judgment. Hopefully, you’ll find an attorney that likes “being an attorney.”

Do I like this person?“Liking” your attorney is always a bonus..but not a requirement. You should be able to openly and honestly speak with this person. Follow your instincts and feelings when deciding on whom to retain as your attorney.

Where should I start looking if I want to hire a small business lawyer?First, talk to friends and other local business owners. Follow the chain of references and see who you meet. The “Trust” factor will save you a lot of time in shopping for an attorney.

If that fails, try the local chamber of commerce or another small business support group.

If you still come up dry, I’d research attorneys and their profiles in your local jurisdiction via your state bar website or the American Bar Association (Lawyer Locator).

starting a business in a recession

Starting a Business During an Economic Downturn

Several once-small companies now considered giants in their fields started during economic downturns:

• Burger King and Sports Illustrated magazine both started in the recession of 1954.
• Trader Joe’s opened its doors in 1958.
• LexisNexis and FedEx, Corp. began in 1973.
• Microsoft Corp. in 1975–when unemployment was 8.5%.
• The ubiquitous MTV started up in 1981, on a shoestring budget and a risky idea. 
• Then, there’s Revlon Cosmetics. Founded in 1932 during the Great Depression, one product helped launch the company into a multimillion dollar corporation less than a decade later: Nail Polish.

Rebounding from the Recession

Many industries are expected to rebound from the recession. In USA Today Jayne O’Donnell explains that because people continue to use–have to use–cars, appliances, furniture, and apparel they tend to replace these items, sometimes during, but especially after tough economic times. Some companies, such as Starbucks, Hershey, and Netflix, are doing well now, in spite of the recession. The NY DAILY NEWS reports that the health care, home appliance rental, and video game industries are also thriving.

Should I Wait or Should I Go?

So, should the out-of-work and underemployed simply wait for the economy to turn around and for other companies to get on their feet?

For Stacy Perman, who covers small business and entrepreneurship for BusinessWeek, the answer is, maybe not. She admits a strong case can be made for starting up a start-up now. Other business reporters agree there are several reasons why starting a business during a recession is not only a good idea, but makes good business sense:

• Protection from layoffs
• Income self-determined
• Easy to find partners
• Low start-up costs
• Less competition
• Work is more gratifying

Philip and Nellie Akalp, an attorney husband and wife team and founders of CorpNet Incorporation Services, an incorporation service that helps small business owners get their businesses off the ground, also agree. In addition to assisting entrepreneurs with incorporating or forming an LLC (services that start at only $49 plus state fees), they offer tips for anyone considering starting a business during a recession:

Tips for Starting a Business in a Recession

• First, choose a home-based business, using existing equipment and resources.
• Research the industry and develop a business plan, both of which can easily be done with an Internet connection.
• Only hire those individuals or services absolutely necessary to get business up and running.
• Use the advice, expertise, and hands-on assistance of family and friends where possible.
• Keep advertising costs minimal: generate word-of-mouth referrals with the use of family, friends, neighbors, colleagues, and coworkers
• Set up a website and blog, both of which can be done cheaply.
• Take advantage of free online social networking sites such as Twitter and Facebook.

Fear and Apathy are the Ttrue Enemy

Little is needed, it seems, to launch a good idea into a successful business. According to a study of 549 company founders by the Kauffman Foundation, the most commonly named barrier to entrepreneurial success was a “lack of willingness or ability to take risks.”

 Philip K. Akalp C.F.O. – Corpnet, Incorporated. Corpnet.com

Women in Business

Women and the Recession

A variety of media outlets, including CNN, Fox News, USA Today, and Time Magazine, have all recently reported how the recession has hurt American men the most: over 80% of jobs lost in 2009, due to recession-related cutbacks, were those in the manufacturing and construction sector–positions typically held by men. According to Nancy Gibbs, writing for Time Magazine’s The State of the American Woman, “it’s expected that by the end of the year, for the first time in history the majority of workers in the United States will be women.”

However, Catherine Rampell of The New York Times reports that though women are moving toward dominating the American labor force, they are still paid about 80 cents on the dollar for similar positions held by men with education and experience akin to their own. She writes, “women may be safer in their jobs, but tend to find it harder to support a family.”

It appears to be a great, even necessary, time for women to start their own businesses!

Female-Owned Businesses

For everyone, the benefits of owning a business are many: business owners set their own hours and compensation, they generally feel more devoted to and satisfied by the work, and there is zero possibility of being laid off. For women, these benefits may be especially attractive given that they are not always adequately compensated when supporting someone else’s passion.

Marilyn Kourilsky, Professor at UCLA’s Graduate School of Education and Information Studies, and Co-Director of the Institute for the Study of Education Entrepreneurship (ISEE), told BusinessWeek Magazine that 1 out of 11 women in the United States is already a business owner and that almost half of independently owned businesses in existence are female-owned and operated.

The first multimillion-dollar software entrepreneur was a woman. ASK Computer Systems Inc.’s Sandra Kurtzig launched her contract software programming business out of her garage, with a focus on providing outstanding customer service in addition to a great product.

Romy Taormina and Carla Falcone similarly created Psi Bands–attractive acupuncture wrist bands designed to relieve nausea due to chemotherapy, anesthesia, morning sickness, and motion sickness–and were recently recognized by the National Association of Women Business Owners for their business practices and community involvement.

Nellie Akalp, founder and CEO of CorpNet.com, a document filing service, helps other women follow their dreams of starting or running a business. She and her staff assist first-time (and seasoned) entrepreneurs with incorporating or forming an LLC, services that start at only $49 plus state fees.

Starting a Business Affordably

Starting a business can be overwhelming, but does not have to be. Choosing a business with low start up costs, preferably one that operates from the home; devising a business plan that incorporates inexpensive marketing strategies (like networking); and committing to providing stellar customer service, no matter what, are both financially and intellectually feasible for most women. With job insecurity still a reality for many Americans, particularly men, and companies like CorpNet.com offering inexpensive assistance to get started, creating and building a privately-owned business has never been easier, or possibly more important.

The Small Business Budget

The U.S. Small Business Administration (SBA) suggests setting your marketing budget at between 2% and 10% of sales, depending on business size and whether your company is established in the market place or a startup. However, it is possible to market your business on less than $1,000.00 per year and even a responsible move to do so. Whether you’re at the helm of a startup, a small business owner, or in charge of marketing at a larger company, thriving in this still uncertain economy often requires a rethinking of marketing tactics. Reigning in the budget may be the best way to move forward.

 Traditional Marketing is Costly

Traditional avenues such as direct marketing (leaflets, brochures and catalogs mailed, emailed or otherwise distributed directly to consumers), telemarketing,  television and radio commercials, infomercials, and trade shows are costly and, in a down turned economy, not always effective. However, one traditional avenue that continues to prove beneficial in its rate of return, and costs little to no monetary investment, is advertising via word-of-mouth.

New School:  Word-of-Mouth

Yelp, Citysearch, Angie’s List, and even YouTube offer opportunities for new clients or customers to find information about your business quickly and easily through product and service reviews. Additionally, established clients or customers feel more connected to the success of your business by simply having the opportunity to provide the reviews.

Entrepreneur.com provides several articles on how to maximize social networking sites such as Facebook, Twitter, and LinkedIn, as well as pay-per-click search engine advertising such as Google AdWords. Updating your website, linking with others, writing a blog, creating an online comic, and launching an iTunes play list are also effective ways for increasing your online presence, which translates to online advertising driving more business your way.

Old School: Word-of-Mouth

Respecting what your target market wants, knowing your competition, and sculpting brand building efforts to reflect niche specialties are well worth the research time invested in order to excel at each. Building relationships with potential customers, face-to-face, has also, once again, become a skill worth cultivating.

Miller Farm, in a time when traditional farming practices do not make farmers rich, has grown to almost 2 million dollars in annual sales in less than four years strictly through word-of-mouth advertising. CorpNet.com, a document filing service, has helped entrepreneurs on a tight budget get their businesses off the ground by embracing both a strong web presence and old-fashioned, relationship-based customer service.

Gain Word of Mouth through Social Media Activites

In short, combining new school internet with old school relationships adds up to word-of-mouth marketing worth so much more than the $1,000.00 per year you might spend.

In Business, Nothing is Free

The best things in life are FREE, right?  Well, maybe not. At least, not when it comes to finding quality products and services designed to improve and enrich life. Oh, great deals do exist but, “great deal” rarely equals “free.” And most deals, unfortunately, come with a catch.

What’s the “Catch”?

Below are some examples of how many service providers and retailers take advantage of those out to find a great deal. Don’t get caught falling for these “gimmicks: 

Bait and Switch

The purpose of the bait and switch is to lure the potential customer (ahem, you) by advertising low prices for a specific service or product, then pushing the customer (you again) toward more expensive deals because A) the item is sold out, B) the sale just ended, or C) the higher quality (priced) service is actually a much better deal than the lower priced (quality) service.

Technically, this method of marketing is illegal. Truthfully, it happens.

Ironically, many legal and document filing services use the bait and switch technique. For example, ads are often floated that claim to provide incorporation services for free. What’s really free? Information. To follow all of the appropriate steps for incorporating, you’ll have to “buy”, er, choose another package.

The Upsell

The upsell induces the customer to upgrade or buy add-ons for an item or service already purchased, or encourages the customer to consider additional purchases–often more profitable items or services–through deliberate exposure. Almost all car dealers, computer stores, hair salons, and restaurants engage in the upsell. You wanted the factory alarm, accounting software, moisturizing shampoo, and fries with that, right?

Banner Advertising

A banner ad is a web site link displayed as a box, usually containing graphics, sometimes animation and, almost always, an enticing deal. Clicking on the banner–called a click through–takes you from the publisher’s web site to the advertiser’s website, where the advertised deal may no longer exist (or is not really all that enticing after all). But wait! You’re at the site, so you might as well have a look around at other “deals.”

Free Trials

“Risk free” offers are rife with risk. No matter how, where, or when whatever-it-is is advertised, there is almost always a hefty shipping and handling charge attached to trial offers. Also, should you take advantage of a free trial you may unknowingly enroll in automatic shipments or get charged for the product later unless you cancel within a certain period of time. (See the fine print. Sometimes, see the really, really fine print.) And canceling can cost you: return shipping fees, restocking fees, time, and aggravation.

Selling your Personal Info to Third Parties

You can opt-in or opt-out of having your personal information sold to third parties, whether you’ve purchased a product or service, simply asked for a quote, or filled out a “Yes! Send me more information!” form. By law, this option of opting in or out has to be made available to you. Of course, many companies claim they do not sell your information to third parties, but may “trade” it to third parties (who, in turn, sell it).

Some companies, like ListGrabber, actually advertise that they grab and sell personal information from places such as online directories (i.e., the Yellow Pages), association websites, and memberships directories–networking services often provided to you for “free.”

NOT FREE, but it’s an honest transaction with good value.

There are companies that offer great products or services at great prices, companies that advertise truthfully and operate ethically. CorpNet.com, a (legitimate) document filing service operated by a husband and wife legal team, is one of those companies. Incorporating or forming an LLC with CorpNet starts at $49 plus state fees. And they say as much right on the front page of their website.

You get what you pay for.

In the end, no matter what product or service you seek, you get what you pay for. Any company worth your time and money will ethically seek your business and tirelessly work to keep it. Any other sales tactic means that company is just, well, just not that into you.

Hopefully, you’ll engage a qualified accountant (a CPA, preferably) (or at least a payroll service) to ensure your payroll is properly calculated, but it’s a good idea to at least know what taxes you’ll be liable for as you get ready to open for business. Particularly if you’re coming from a job where all of the taxes were tidily summarized on your weekly pay stub, it’s helpful to get an idea of just what all of those columns will mean to you as the boss.

Employer Identification Number

First and foremost, you will need to apply for an Employer Identification Number (EIN), also known as a Federal Tax Identification Number. Basically, this is like a social security number for your business. It is the unique number that identifies your company as a business entity. Without it, you won’t be able to open a business bank account or file tax returns.

You will need to apply for an EIN if any of the following statements apply to your business:

• You have employees.
• Your business is a corporation or partnership.
• You file returns for Employment Tax, Excise Tax, or Alcohol, Tobacco and Firearms Tax.
• You withhold taxes on income, other than wages, paid to a non-resident alien.
• You have a Keogh plan.

Federal Income Tax, Social Security, and Medicare

Most business owners are required to withhold federal income tax from the wages of all employees. In addition, you must withhold a portion of social security and Medicare taxes, and the company pays the remaining portion. So, yes, if you are self-employed, you will feel as though you are paying social security taxes twice – once as an employee, and once as the employer. Sorry, but it’s unavoidable.

Federal Unemployment Tax (FUTA)

This tax is the sole responsibility of the employer. No portion of this is withheld from employees’ wages.

Self-employment (SE) Tax

This is a social security and Medicare tax for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. The advantage for business owners is the ability to deduct half of your SE tax in calculating your adjusted gross income.

These are the highlights of the taxes imposed by the federal government. Remember that you will also be responsible for withholding any applicable state and local taxes. If your employees are members of certain trade unions, you may also be required to withhold a portion of their salary as mandated by the union.

As excited as you are about your new venture, leaving the security of your current job is a difficult thing to do. Let’s face it, until now you’ve had a steady paycheck, scheduled time off, and probably health insurance too. From here on out, all of those things will be your responsibility. And you probably can’t imagine when you’ll get to take your next vacation.

It can be enough to make you hyperventilate. But if you’ve done your homework and have a good, solid business plan in place, you’ll be fine.

So take a deep breath, and start thinking about how to break the news to your boss.

There are a couple of scenarios to consider. Depending on the business you’re starting, you might be able to stay at your job while you get your own enterprise up and running. For example, if you’re going to be doing freelance editing, you may be able to work at that in the evenings and on weekends until you establish a solid client base – of course, you won’t have much personal time, but if that works for you, it might be a possibility.

On the other hand, if you’re going to be a personal chef, it’s unlikely that you’ll have the time to work 9-5 and still be able to service your own clients.

So, what should you do?

Again, a lot depends on your specific circumstances. If you’ve got a solid relationship with your present employer, and the boss knows about your plans, then your departure won’t come as a surprise.

But if your plans aren’t common knowledge at the office, you should proceed with care, particularly if your new company is in the same line of work as your present job. While you don’t technically have to announce that you’re opening your own company, it’s a really good idea to be above-board about it.

Let’s say you’re leaving an accounting firm to open your own practice. You’re going to become the competition, and that will go over much better if your current employer hears it directly from you. In addition, you might have clients who want to follow you. If that’s the case, you have to be honest with the boss. You don’t want to start your new business with a less-than-perfect reputation.

The bottom line is this. Give your employer at least the standard period of notice. Do what you can to ease any tension about your leaving. Be gracious and good-natured. And don’t burn any bridges – you never know when your past employers might be able to help you down the road.

In business, ideas are often property. They are the seeds for inventions, which require knowledge, time, money and effort to create. And transforming an invention into an innovation, a new product accepted by the marketplace, takes a great deal of effort – and a bit of luck.

Every year, hundreds of thousands of inventors and innovators file for protection under U.S. patent, trademark, and copyright laws.

The three entities are defined as follows:

• Patent. The exclusive right granted by a government to an inventor to manufacture, use, or sell an invention for a certain number of years.

• Trademark. Any name, symbol, figure, letter, word, or mark adopted and used by a manufacturer or merchant in order to designate his or her goods and to distinguish them from those manufactured or sold by others.

• Copyright. The exclusive right to make copies, license, and otherwise exploit a literary, musical, or artistic work, whether printed, audio, video, etc.

It can be difficult to decide which of the three is most appropriate for your particular invention. One single product or service may require a patent, a trademark, and a copyright, each category protecting a distinct aspect of the creative work or expression.

Patents, copyrights, and trademarks, as well as know-how or trade secrets, are often collectively referred to as intellectual property. Many firms possess intellectual property without even being aware of it, or of the need to take measures to protect it. If you have formulas or processes that are specific to your business, you should take the steps to protect them. Where would Coke and Pepsi be if they hadn’t taken steps to patent their secret formulas, trademark their logos, and copyright their advertising slogans?

It’s important to realize that simply having intellectual property is not enough to ensure success. Securing a patent for your product won’t guarantee that it will be embraced by consumers. Before you spend thousands of dollars to obtain exclusive rights to your invention, do the research to make sure that it’s something the market actually wants.